Deutsche Bank is cutting around 3,400 clients from its global markets business in fixed income and equities sales trading, according to a leaked memo.
Execution of equities trading orders and all debt and equities sales trading activity will be closed for some financial institutions and hedge funds, the memo said.
A spokesperson at the German bank confirmed the contents of the memo - written by Dixit Joshi, head of institutional client group debt at Deutsche.
The move is part of Deutsche Bank’s wider restructuring and cost saving plans, which was announced in October this year.
The strategy included reducing the number of clients in the bank’s global markets and corporate investment banking businesses by half, “especially in higher operating risk countries.”
Deutsche Bank said it opted for this strategy, “given that approximately 30% of clients produce 80% of the revenues in these business divisions.”
The bank is aiming to save €3.8 billion by 2018 through restructuring and severance costs of between €3 billion and €3.5 billion.
John Cryan, chief executive officer at Deutsche Bank, said at the time the plans were announced: “Sadly, this means… reducing some of our front-office and infrastructure staff too. This is never an easy task, and we will not do so lightly.
“I promise that we will take great care in this process, moving forward together with our workers’ representatives.”